Cat Financial reported revenues of $2.89 billion for 2014, an increase of $100 million, or 4%, compared with 2013. Profit after tax was $535 million, a $22 million, or 4%, increase from 2013.

The increase in revenues was primarily due to a $110 million favorable impact from higher average earning assets, partially offset by a $20 million unfavorable impact from lower average financing rates.

Retail new business volume for 2014 was $12.68 billion, a decrease of $414 million, or 3%, from 2013. The decrease was primarily related to lower volume in Mining and Asia, partially offset by increases in North America. Fourth-quarter new business volume of $3.31 billion was down 9% from $3.64 billion in Q4/13.

At the end of 2014, past dues were 2.17%, compared with 2.81% at the end of the third quarter of 2014 and 2.47% at the end of 2013. Write-offs, net of recoveries, were $99 million for 2014, compared with $124 million for 2013. Full-year 2014 write-offs, net of recoveries, were 0.35% of average annual retail portfolio, compared with 0.46% in 2013.

Cat Financial reported Q4/14 revenues of $703 million, a decrease of $8 million, or 1%, compared with Q4/13. Fourth-quarter 2014 profit after tax was $108 million, a $50 million, or 32%, decrease from the fourth quarter of 2013. The decrease in revenues was primarily due to a $23 million unfavorable impact from lower average financing rates, partially offset by a $14 million favorable impact from higher average earning assets.

Pre-tax profit was $166 million for Q4/14, compared with $204 million for Q4/13. The decrease was primarily due to $23 million higher provision for credit losses (largely a result of the absence of a favorable adjustment that occurred during the fourth quarter of 2013) and the absence of a
$17 million currency gain that occurred during Q4/13.

To view the full Cat Financial news release, click here.